NEWS OUT: STM-V - STRATHMORE MINERALS

KELOWNA, BRITISH COLUMBIA--(MARKET WIRE)--Sep 1, 2006 -- STRATHMORE MINERALS CORPORATION (the "Company") (TSX VENTURE:STM.V - News) is pleased to announce that it has completed the first round of drilling on its wholly owned "Waterbury Project" located adjacent to Denison/AREVA's proposed Midwest uranium mine. This first phase consisted of 8 widely spaced holes totaling 2,686 meters. One of the holes encountered highly anomalous uranium mineralization with grades exceeding .03% U3O8.

The Waterbury Lake Property comprises approximately 40,468 hectares (approximately 100,000 acres) and covers land to the north, east and west of the Midwest Uranium Deposit.

The 2006 Waterbury Drilling Program was conducted in May and June 2006. Results of geochemical analysis were received in July and August 2006. Five target areas were selected based on MegaTEM II Airborne Survey and favorable areas identified by lithogeochemical sampling and historic exploration.

The highest priority target is within the northwest part of the property, and is known as the Murphy Conductor. Three holes were drilled on this target, spaced between 700 meter and 1 kilometer apart. Hole WO6-06 intersected .032% U3O8 across a short interval. Nearby holes also encountered anomalous uranium mineralization (approx 0.02 and .014% U3O8). The Murphy Conductor is approximately 9 kilometers in length. Future drilling will test additional areas of the conductor. Immediate plans are to drill a number of holes stepping, out 25-50 meters from the known mineralization. The depth to the anomalous zone is approximately 280 meters.

Two holes were drilled just north of the Midwest Area. A previous MegaTEM II survey and a ground UTEM-3 survey identified a 7.5 kilometer long conductor, which appears to be related to the Midwest conductor in the vicinity of the Midwest uranium deposit. Anomalous radioactivity and above background uranium values of up to 29 ppm U3O8 were encountered over zones up to 5 meters thick. Strathmore is planning follow-up drilling in this area. This part of the property is within 1,000 meters of the Mae Zone of Denison/AREVA. The Mae Zone reportedly contains strong mineralization, with up to 3.8 meters at 4.1% U3O8 (Denison Mines news release dated August 10, 2006).

The remaining three holes were drilled in three separate locations 10's of kilometers apart, and were drilled to test lower priority geophysical anomalies. All three encountered various strengths of hematization, clay alteration, and local chloritiazation. All targets require further exploration.

The results of the 2006 drilling program on the company's Waterbury Project were very encouraging. Additional drilling is planned on both the Murphy Conductor and the Midwest Conductor as soon as is practical. Additional ground geophysics and ground geochemistry are planned on other anomalies on the Waterbury Project.